Robert W. Baird reaffirmed their buy rating on shares of Barracuda Networks, Inc. (NYSE:CUDA) in a report published on Wednesday morning. The brokerage currently has a $29.00 price objective on the communications equipment provider’s stock.
A number of other equities research analysts have also recently weighed in on CUDA. Rosenblatt Securities restated a buy rating and set a $30.00 price objective on shares of Barracuda Networks in a research note on Monday, June 26th. Pacific Crest reiterated an overweight rating and issued a $30.00 price target on shares of Barracuda Networks in a research report on Wednesday, June 28th. Northland Securities reiterated a buy rating and issued a $28.00 price target on shares of Barracuda Networks in a research report on Friday, June 30th. Imperial Capital boosted their price target on shares of Barracuda Networks from $20.00 to $21.00 and gave the stock an in-line rating in a research report on Wednesday, July 12th. Finally, Piper Jaffray Companies reiterated an overweight rating and issued a $28.00 price target (down from $29.00) on shares of Barracuda Networks in a research report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Barracuda Networks presently has an average rating of Buy and an average price target of $27.25.
Barracuda Networks (NYSE:CUDA) traded down 1.72% during trading on Wednesday, hitting $22.26. 2,922,306 shares of the stock were exchanged. The company has a market cap of $1.18 billion, a price-to-earnings ratio of 117.16 and a beta of 3.27. Barracuda Networks has a one year low of $19.06 and a one year high of $26.40. The stock’s 50 day moving average is $24.18 and its 200-day moving average is $22.91.
Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.17. Barracuda Networks had a net margin of 2.52% and a return on equity of 420.23%. The business had revenue of $94.30 million for the quarter, compared to analysts’ expectations of $93.32 million. During the same period in the previous year, the business earned $0.21 earnings per share. The company’s revenue was up 7.3% on a year-over-year basis. On average, equities research analysts expect that Barracuda Networks will post $0.75 earnings per share for the current fiscal year.
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In other Barracuda Networks news, CFO Dustin Driggs sold 1,250 shares of Barracuda Networks stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $22.63, for a total transaction of $28,287.50. Following the transaction, the chief financial officer now owns 105,471 shares of the company’s stock, valued at approximately $2,386,808.73. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael D. Perone sold 236,987 shares of Barracuda Networks stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $24.02, for a total value of $5,692,427.74. Following the transaction, the director now directly owns 2,988,898 shares in the company, valued at approximately $71,793,329.96. The disclosure for this sale can be found here. Insiders sold a total of 3,061,041 shares of company stock worth $75,270,743 in the last three months. 13.90% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. grew its stake in Barracuda Networks by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock valued at $111,000 after acquiring an additional 717 shares in the last quarter. Advisors Asset Management Inc. purchased a new position in Barracuda Networks during the 2nd quarter valued at about $113,000. Legal & General Group Plc grew its stake in Barracuda Networks by 15.7% during the 2nd quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock valued at $140,000 after acquiring an additional 828 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in Barracuda Networks by 2.9% during the 1st quarter. Asset Management One Co. Ltd. now owns 6,276 shares of the communications equipment provider’s stock valued at $146,000 after acquiring an additional 177 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its stake in Barracuda Networks by 17.6% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,374 shares of the communications equipment provider’s stock valued at $167,000 after acquiring an additional 1,104 shares in the last quarter. 65.96% of the stock is currently owned by institutional investors.
About Barracuda Networks
Barracuda Networks, Inc designs and delivers security and data protection solutions. The Company offers cloud-enabled solutions that enable customers to address security threats, manage network performance, and protect and store their data. Its solutions are designed to manage information technology operations for its customers.
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